Banking: My, What a Friendly Customer

My, What a Friendly Customer

James V. McDonough was far more congenial than the average depositor at Boston's Bank of New England. Authorities say he tipped a head teller on four occasions with envelopes containing $100 each and brought so many bottles of wine to the bank at Christmastime that employees distributed the gifts on a cart. Last week the reason for his generosity became clear. A federal grand jury indicted the bank (assets: $4.9 billion) and two of its employees on charges of allowing McDonough, a convicted loan shark and bookie, to make withdrawals totaling $817,200 from his account without notifying the Internal Revenue Service....

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